§ 4-257. Determination procedure for level of assurance.

The face amount of the assurance of completion document shall be based on the cost estimate of an engineer duly registered in the state, submitted to and accepted by the building official or the city council's designee, in accordance with the following:

(1)

In an instance of a record plat involving vacant or unimproved property on the date of approval, the amount which shall be made available to the city under the terms of such a document shall be equal to 125 percent of the estimated cost of providing and installing approved improvements.

(2)

In an instance of a record plat or construction plan involving property upon which a portion of the approved improvements have been completed, the amount which shall be made available to the city under the terms of such a document shall be equal to 125 percent of the estimated cost of providing and installing remaining incomplete improvements, or the amount of $2,500.00, or the amount of 25 percent of the estimated cost of providing and installing all approved improvements, whichever is greater.

(3)

A developer, at his option, may apply for a partial release of a portion of the monetary amount provided for in such a document upon a demonstration that a corresponding specifically described portion or phase of approved improvements has been totally completed in the manner specified in this Land Development Code. The city council, at its discretion, may elect to release the portion requested upon the issuance of a certificate of completion as to the completed portion or phase; provided, however, that it shall be the policy of the city council not to accept an assurance of maintenance document covering a unit or phases of approved improvements until such time as all the incomplete portions of such unit or phase of the approved improvements, except non-city-maintained improvements which are not adverse to the public's health, safety, and welfare, have been completed and the assurance of completion document covering such improvements has been totally released. All drainage facilities shall be completed prior to accepting a maintenance guarantee and cannot be bonded separately to be enforced concurrently with a maintenance guarantee.

(Ord. No. 05-536, § 303.12G, 12-20-2005)